Digital Transformation in recent days of globalization is essential for developing business in any sector. It reshapes the sector considering technological advancements.
It is undeniable that technology has fundamentally altered the way we live. Ideas that were previously inconceivable have become reality. Just take a look around you:
- Autonomous cars are on the road.
- 3D-printed homes are for sale.
- Drones are quickly emerging as crucial emergency response tools during natural catastrophes.
Even technology for relatively simple applications is causing a significant impact. It turns out that the couch you’ve been eyeing will, in fact, fit in your space and looks perfect with your coffee table — add it to your cart and complete your purchase. More households have started using app-based grocery delivery services, and online shoppers use augmented reality features to visualise what products will look like.
Diverse technologies, such as extended reality and artificial intelligence, are influencing digital transformation plans. They are assisting businesses in all sectors to optimise and streamline their business models, enhance business operations, penetrate new markets by embracing domain changes, and transform the way their workforce is organised.
New Business Models
Over the past ten or so years, significant changes in consumer experiences and behaviours have been brought about by the rapid growth of technology. Many organisations have had to drastically restructure their business strategies to weather the winds of the digital revolution.
Most significantly, Netflix began as a DVD-by-mail company. However, the development of the internet prompted a change to an online media streaming business model. With more than 230 million subscribers as a result of this change, Netflix is now the largest streaming service in the world. In the meantime, Blockbuster’s refusal to modernise and acquire Netflix ultimately contributed to its demise.
According to Vaz, switching to a technology-driven company strategy can save costs, hasten the introduction of goods and services, and boost operational effectiveness. He predicted that sectors with “significant human implications,” like healthcare and space research, will reap the most significant rewards from digital change.
According to Vaz, technologies like artificial intelligence, open-source computing, and datasets would speed up innovation and promote corporate growth.
Companies will create AI applications that can deliver personalised user experiences, create more intuitive customer service, optimise portfolios, analyse the market more quickly, and forecast more accurately, for instance, in financial services and similarly across most industries, he continued.
Business Process and AI
Artificial Intelligence is also assisting firms in streamlining internal procedures to accomplish their goals more efficiently. Although not a new technology, Jean Pelletier, vice president of digital talent transformation at Schneider Electric, noted that AI is now more developed and democratised in the hands of the average user. She said that this development is forcing companies to reevaluate their value chains and how they may utilise AI to “bring a high-tech, high-speed approach” to daily operations.
The business has no qualms about taking the lead when it comes to employing tech for talent acquisition, such as AI-driven applicant matching. However, discovering the “brand-to-hire funnel” — or how businesses attract talent through their brand presence — presents a unique set of difficulties. As a result, Schneider Electric must choose whether to licence external tools to complete the task or “consider taking on the challenge within our own AI hub,” Pelletier said.
Beth Johnson, the chief experience officer of Citizens Bank, agrees that implementing AI technologies may alter corporate operations and increase knowledge workers’ productivity. She remarked, “It can get us more of the information we need faster, allowing us to work more effectively and improve the customer experience.”
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